BJ’s Wholesale Club (BJ) Q3 2026 earnings summary

Executive summary

• Delivered strong Q3 results with net sales up 4.8% to $5.2 billion, driven by membership growth, digital engagement, and new club openings, with membership base reaching 8 million and fee income up 9.8% to $126.3 million.

• Digital sales grew 30% year-over-year, now representing up to 17% of total sales, with digitally enabled comparable sales up 30% and digitally engaged members spending twice as much as in-club-only members.

• Adjusted EPS for Q3 was $1.16, with guidance raised to $4.30–$4.40 for the full year; adjusted EBITDA was $301.4 million, impacted by prior-year legal settlement.

• Opened new clubs in Georgia and Tennessee, with 2025 club membership counts 25% ahead of plan; on track for 14 new clubs this year and 25–30 over two years.

• Launched new share repurchase program with $1 billion authorization, repurchasing up to 1,335,000 shares for $134.7 million in the first nine months.

Financial highlights

• Net sales for Q3 reached $5.2 billion, up 4.8% year-over-year; merchandise comp sales increased 1.8% year-over-year and 5.5% on a two-year stack.

• Adjusted EBITDA was $301.4 million, down 2% year-over-year due to lapping a legal settlement; excluding this, adjusted EBITDA grew 5%.

• Adjusted EPS was $1.16, down 2% year-over-year; normalized for the settlement, adjusted EPS grew 8%.

• Inventory levels per club down 5% year-over-year, with in-stock rates up 90 basis points.

• SG&A expenses increased 7.4% to $788.2 million in Q3, mainly due to labor, occupancy, and advertising.

Outlook and guidance

• Full-year comparable club sales (ex-gasoline) expected to increase 2.0%–3.0% year-over-year.

• Adjusted EPS guidance raised to $4.30–$4.40 for fiscal 2025.

• On track to open 25–30 new clubs over the next two years, supported by a strong pipeline and new distribution center investments.

• Management expects annual membership fee increases to continue positively impacting fee income.

• Capital expenditures projected at approximately $800 million.